Wednesday, January 28, 2009

World economic growth - IMF cuts forecast

We need to change our lexicon. 'Growth' ought to be a swear word, or a taboo. 'Sustainability' and 'Maintenance' ought to be our goal in the face of chronic levels of global contraction and competition for resources.

The corporate mindset though will probably not willingly let go of their 'greed-is-good' mindset, which is based on 'growth-at-all-cost'. The word 'growth' masks another more insidious ambition - 'proftit' and 'profiteering'.
WASHINGTON - The International Monetary Fund today slashed its forecast for world economic growth, warning that deflation risks were rising and saying toxic assets need to be removed from the banking system.

It cut its forecast for global growth this year to a slight 0,5% — the weakest since World War II - from a November estimate of 2,2%.

The outlook was even worse for advanced countries like the United States and the euro area, whose economies are seen contracting by 1,6% and 2%, respectively.

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